AMD, Broadcom, and Micron stocks lead chip sector higher for third day in a row

Semiconductor stocks edged higher on Wednesday, with the PHLX Semiconductor Index (^SOX) rising for a third day in a row. Shares of AI chip heavyweight Nvidia (NVDA) rose almost 1% before trimming gains, while AMD (AMD) and Broadcom (AVGO) edged higher. Intel (INTC) also trimmed gains. The move came after SK Hynix (SKHY) saw profits increase sevenfold last quarter. The South Korean memory maker sees a supply shortage for memory heading into 2030 as AI inference surges and adoption shifts from cloud providers to physical AI applications like robotics and autonomous driving. Shares of peers Micron Technology (MU) and Samsung Electronics (005930.KS) jumped 4% and 9%, respectively.